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China's GDP expands 6.9 percent in first 3 quarters

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Staff Writer | October 19, 2017
China's economy continued its firm growth in the first three quarters of this year, with gross domestic product expanding 6.9 percent year on year to 59.3288 trillion yuan ($8.9614 trillion).
China's GDP expands
Asia   The ninth straight quarter of growth
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The growth rate held steady from a 6.9-percent increase in the first half of this year and is well above the government's target for the year of 6.5 percent.

In the third quarter, China's GDP was up 6.8 percent year on year, compared with 6.9 percent in the second quarter, according to the National Bureau of Statistics (NBS).

This is the ninth straight quarter for China to see growth of 6.7 percent to 6.9 percent, maintaining medium-high growth and adding to evidence of further economic resilience, NBS spokesperson Xing Zhihong told a press conference.

"The Chinese economy has maintained steady growth with a positive outlook in the first three quarters," he said.

Improvements have been made in both economic structure and growth quality, and new growth engines are gaining steam, said Xing.

The service sector expanded 7.8 percent year on year in the first three quarters, outpacing a 3.7-percent increase in primary industry and 6.3 percent in secondary industry, according to the NBS.

In the Jan-Sept period, China's value-added industrial output expanded 6.7 percent year on year, faster than the 6-percent increase a year ago.

Retail sales of consumer goods grew 10.4 percent year on year, according to the NBS.

Meanwhile, fixed-asset investment rose 7.5 percent from the same period last year, slightly down from 7.8 percent for January-August. Investment in the private sector was up 6 percent, accounting for 60.5 percent of the total.

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